SEC Release No. 34-64926 July 20, 2011 The SEC and CFTC published a request for public comment on a study, required by the Dodd-Frank Act, on international swap regulation. The intent of the study is to identify "areas of [swap] regulation that are similar and other areas of regulation that could be harmonized" between the U.S. and other countries. Section 719(c) of Dodd-Frank requires the SEC and CFTC to publish the report to Congress by January 2012; public submissions for the study are due 60 days from the date the notice is published in the Federal Register. On a related matter, the SEC

SEC Release No. IA-3236 July 12, 2011 The SEC published an order to adjust the asset and investment tests in Advisers Act Rule 205-3, regarding when an adviser can enter into an advisory contract providing for compensation based on share of capital gains on, or capital appreciation of, the funds of a client. Previously, the rule required investors to have at least $750,000 under management with the adviser and a net worth of at least $1.5 million. The order changes those figures to $1 million and $2 million, respectively. The change becomes effective on September 19, 2011. Cross References

FINRA RN 11-31 July 15, 2011 FINRA published a regulatory notice to inform firms of its recently established pilot program on margin requirements for credit default swap transactions and to address the approval of margin methodologies used by clearing agencies or derivative clearing organizations (DCOs) for the purpose of the rule, FINRA Rule 4240. Currently, FINRA has approved the use of the margin methodology of the central counterparty clearing facilities at the CME; the notice states that FINRA will consider the use of other counterparty clearing services and will announce the approval of

SEC ReleaseNo. 34-64874 July 13, 2011 The SEC adopted interim final temporary Exchange Act Rule 15b12-1T to allow broker-dealers to continue to engage in retail foreign exchange business until July 16, 2012. In the absence of this relief, such transactions would have been prohibited pursuant to Dodd-Frank Section 742(c), which requires these transactions to be with "eligible contract participants." Please contact any of the following Cadwalader attorneys if you have any questions about this item: Steven Lofchie; steven.lofchie@cwt.com Jeffrey Robins; jeffrey.robins@cwt.com Cross References

76 FR 43874 The CFTC is amending its rules implementing new statutory provisions enacted by titles VII and X of the Dodd- Frank Act. Section 1093 of the Dodd-Frank Act provides for certain amendments to title V of the Gramm-Leach-Bliley Act. The GLB Act sets forth certain protections for the privacy of consumer financial information and was amended by the Dodd-Frank Act to affirm the Commission's jurisdiction in this area. The Commission's amendments to its regulations, inter alia, broaden the scope of part 160 to cover two new entities created by title VII of the Dodd-Frank Act: swap dealers